US wheat futures ended higher for a second straight session on Thursday, lifted by short-covering and technical buying after hitting contract lows early this week. Commodity funds hold a massive net short position in wheat futures markets, leaving them susceptible to bouts of short-covering. CBOT July soft red winter (SRW) wheat settled up 8 cents at $4.44 per bushel. The 1.8 percent gain was the contract's steepest rise since March 15. K.C. July hard red winter (HRW) wheat ended up 5 cents at $4.05 a bushel. MGEX July spring wheat rose 8-3/4 cents to $5.20-3/4.
Concerns about planting delays due to rain and chilly temperatures propped up spring wheat futures. Wheat yield potential in Kansas was estimated at an above-average 47.2 bushels per acre, crop scouts on the annual Wheat Quality Council crop tour said on Thursday. But the relative immaturity of the crop leaves it vulnerable to damage that could cut into final yields, scouts said.
The US Agriculture Department said on Thursday that US wheat export sales totaled 419,400 tonnes last week, down from 651,444 tonnes a week ago. Analysts' forecasts for wheat export sales ranged from 250,000 tonnes to 850,000 tonnes. There were 324 deliveries against the expiring CBOT May soft red winter wheat contract and 29 against MGEX May spring wheat futures. There were no deliveries against K.C. May hard red winter wheat.
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